Last checked at 30 Nov 2016 12:00
Centrica agrees to sell its entire equity interests in Trinidad and Tobago gas assets to Shell
Centrica plc has agreed to sell its entire portfolio of gas assets in Trinidad and Tobago to Shell Exploration and Production for an initial cash consideration of $30 million (£24 million). The assets consist of a 17.3 per cent interest in the producing NCMA-1 block and 80 per cent and 90 per cent operated interests respectively in the undeveloped blocks NCMA-4 and Block 22.
In addition to the initial consideration, Centrica will receive further payments subject to Block 22 and NCMA-4 reaching agreed project milestones.
The divestment is in line with Centrica’s strategy to focus its E&P activity in the UK, Netherlands and Norway and to exit its positions in Canada and Trinidad and Tobago.
The transaction is subject to government and partner approval and is expected to close in the first half of 2017.
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Notes to Editors
Centrica entered Trinidad & Tobago in 2010 with the acquisition from Suncor of interests in NCMA-1 and Blocks 22, 1a and 1b. It was awarded its interest in NCMA-4 as part of a shallow water bid round in the same year. In April 2016 Centrica sold its 80 per cent operating interests in Blocks 1a and 1b to De Novo Energy.View source version on businesswire.com: http://www.businesswire.com/news/home/20161130005608/en/
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